If your address information in iTunes does not match the address that appears on the credt card statement that you receive in the mail, that can cause this problem. If the CC statement uses the word "Street" and you abbreviate "St" when you fill in your information iniTunes - that can cause this message to pop up.

I had the exact problem, my security code, billing address, card # and funds were all correct. After hours of frustration I signed out and powered my iPhone down for about 20 minutes. As soon as I signed back on iTunes I went in and updated payment info. It worked!!! Finally. So try it, it actually worked the same for my friend also

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